Cheating borrowers

Was any written agreement signed between you and your friend or a promisory note provided by your friend?

Send a proper legal notice for recovery of money with full iformation. If he admit your version, And wait for his reply notice. Then you can proceed filing money recovery suit.

You have to send notice to him for principal amount with interest and file suit for recovery of principal amount with interest.

what was mode of payment of interest.

Originally posted by : HIRAL Thakkar
	Was any written agreement signed between you and your friend or a promisory note provided by your friend?

Hi Hiral,

No. There wasnt any written agreement signed. Also, it was on his firm's name and not his own name.

The interest payments were done through cheques which I can prove. Could you suggest what course of action should I take ? Also, is there a time limit within which I need to send him a legal notice or something since the last interest payment. Last payment was done like 2+ yrs ago.

Any suggestion is appreciated !

Thanks.

Originally posted by : ramachary64@gmail.com
	Send a proper legal notice for recovery of money with full iformation. If he admit your version, And wait for his reply notice. Then you can proceed filing money recovery suit.

Hi Ramachary,

Thanks for your response. Really appreciate it.

The loan was given on his firm's name and his firm with that name is shut now. I am not sure if he's declared bankruptcy. (I am not sure what are bankruptcy laws). This could be one of the reasons why he isnt paying much heed. Is there a way I could find out whether he's declared bankruptcy on the firm. Also, what are ways I can recover a loan amount given to a firm if thats shut down.

Thanks again for you suggestion.

Originally posted by : Mahesh R. Sonawane
	You have to send notice to him for principal amount with interest and file suit for recovery of principal amount with interest.

Hi Mahesh,

Thanks for your response. Really appreciate it.

The loan was given on his firm's name and his firm with that name is shut now. I am not sure if he's declared bankruptcy. (I am not sure what are bankruptcy laws). This could be one of the reasons why he isnt paying much heed. Is there a way I could find out whether he's declared bankruptcy on the firm. Also, what are ways I can recover a loan amount given to a firm if that is shut down.

Thanks again for you suggestion.

Originally posted by : Sudhir Kumar
	what was mode of payment of interest.

Hi Mr. Sudhir,

The mode of payment of interest was through cheques. I am not sure if you will be able to see my responses to questions asked by others.  There is another thing I wanted to highlight -

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The loan was given on his firm's name and his firm with that name is shut now. I am not sure if he's declared bankruptcy. (I am not sure what are bankruptcy laws). This could be one of the reasons why he isnt paying much heed. Is there a way I could find out whether he's declared bankruptcy on the firm. Also, what are ways I can recover a loan amount given to a firm if thats shut down.

Thanks again for you suggestion.

Though the loan is barred by limitation as of the present date, the payment of interest made by him through cheque mode may be taken as renewal and reactivation of loan. Therefore, though his firm is closed, since he was the owner of his firm, send him a legal notice narrating the details and demand the loan repayment as well as the balance of interest amount to be paid by him, even if acknowledges the notice or not, you may proceed with recovery of money through a civil suit.  Do not worry about his bankruptcy or anything let him tell that in the court while defending himself.

Hi Mr. Kalaiselvan,

Thanks for your response. If I file a suit do you see a possibility of rejecting the suit by courts? 

Do you think I have a strong case ? Also from your experience how long would the case run from your past experience ?

Thanks.